Your startup business shows a lot of promise. As it moves toward profitability, there’s the need to manage financial resources carefully. Doing so will ensure that nothing important is left wanting, including meeting payroll obligations on time. Funding from Payro will ensure that this is one element of your operation that is always managed properly. Here’s why Payro is the right resource to look at from the beginning.
Payroll is not something that is an afterthought. In fact, it is a top priority for any business. You want to make sure that nothing goes wrong on this front.
Think of payroll as one of the key elements that keep the day-to-day operations going. If you look closely, it’s not hard to see how timely pay influences productivity, and subsequently the ability to take care of your clientele. Seen from this angle, a timely payroll is one of the most important investments that you can make.
What is it that makes payroll funding such a big deal? An obvious reason is that being paid on time motivates employees to remain with your business. Even those who joined the company because they believed in what it could become still have their own financial obligations to make. If you cannot pay them on time, they will start looking for work elsewhere. That means you lose valuable resources that would otherwise help the company succeed.
A consequence of delayed paychecks is that people lose their enthusiasm for being in your employ. This is especially true if delays seem to be the norm rather than the exception. Before you know it, some of your best and brightest employees will be spending their lunch hours interviewing for jobs with other employers. Once they find other positions, there will be no enticing them to remain with your business. The loss can be significant and hinder the ability to grow your startup.
Another aspect to consider is the company’s reputation. While it’s early yet, you do want the business to gain a positive reputation within the community. One of the ways you do that is paying employees on time without fail. You can bet that the word will spread quickly if you fail to meet payroll.
Getting a reputation for slow pay does not help matters when you need to hire more employees as the business volume grows. It will do the opposite; people will turn the other way rather than apply for positions at your company. From this perspective, see using Payro as the means of payroll funding for small businesses as a way to keep employees happy, build a positive reputation, and be in a position to attract more employees when and as needed.
There are already enough complex tasks to manage. There’s no reason why seeking some sort of payroll funding has to be complicated. What you find with Payro is that the process is intentionally kept simple and straightforward.
Submitting an application is easy. Fill out the basic details using the online interface, and an underwriter will review it within 1-2 business days. At that time, you will be asked to provide additional documentation that confirms what you reported on the application, plus provide a few more details about the company’s finances.
The nice thing about this approach is that you always know what sort of information will be needed. That makes it all the easier to collect all the data that the underwriter is likely to need and have it ready. Everything that you will be asked to provide, such as six months of bank statements, are already in your possession. There’s no need to prepare a detailed financial statement as part of the application process. Simply forward copies of documents that are already prepared.
After hearing from an underwriter and submitting the requested documentation, the next step in Payro application process is to wait for an answer. What you will find is that the wait isn’t a long one. Payro is known for providing decisions on applications in as little as one to two business days.
This is great, since you don’t have to spend a lot of time wondering if the funding for your upcoming payroll will be available. While you wait, use the time to take care of a few other business-related matters. Given the short amount of time that the review will take, you may be just finishing up with reviewing a marketing plan or handling some other task when you get word about the application decision.
Why is a fast response to the application important? You want to ensure there is money on hand to make payroll without any delays. The fact that Payro will provide a decision about the application in one to two business days helps you accomplish that.
You can enhance the odds of being approved by looking closely at the qualifications all applicants must meet before submitting an application. If you are sure that meeting them all will not be a problem, then there’s every reason to think that the funding is forthcoming. Go ahead and start the preliminary work of finalizing all payroll details, so everything is in place, and you can complete the task once you hear back from Payro.
Assuming that the application is approved, you can request funding before 1pm for same day funding. When Payro promises access to fast and easy funds, they mean it; that promise is not a ploy to attract attention; you really do get fast funding.
You decide which account receives the funding. Generally, it’s a good idea to direct the funds to the bank account that you’ve set aside for payroll funding. All Payro needs is the routing and account numbers to make the transfer happen.
If you prefer, it’s also possible to request funding using Payrol’s portal. It’s set up to be simple to use, and will have the money on the way in no time. If you have any questions about using the portal, the team at Payro are happy to supply answers.
Payro offers another benefit that’s related to payroll funding; you don’t incur any penalties or additional fees if you decide to pay off the obligation before the agreed-upon due date. All it takes to pay off the funding is to remit the amount borrowed, along with the interest and other relevant fees that would apply if the repayment didn’t happen until the due date.
This is good, since you always know the entirety of the financial obligation you’re making to Payro. If it’s convenient to pay off the obligation ahead of time, go ahead with no worries about incurring additional expenses. Otherwise, make sure the funds are on hand to settle the balance when the due date arrives.
Your focus right now is on the upcoming payroll. That’s understandable. Making sure everyone is paid on time allows the business to continue without any interruptions. Best of all, Payro Finance solution ensures that you lock in repayment terms that will be easy to meet.
With the current payroll covered, and the assurance that you can pay off the obligation to Payro without any issues, you gain a valuable business relationship that can be used again and again. That’s because both parties benefit from doing business with one another.
For your part, you know where to turn when there’s the need for funding any future payroll period. You even have the option of seeking funding to cover more than one payroll period at a time. That’s good to know, because there may be a situation in the future when you need this type of assistance once again.
Payro benefits from the business relationship thanks to the competitive interest rate that goes along with the funding. They also enjoy the positive word of mouth that you intend to pass on to other business owners. Since everyone benefits in multiple ways, this is a relationship that both parties want to keep positive as the years pass.
There’s no reason why you have to wonder about how to run a payroll and ensure everyone is paid on time. Contact Payro today and get started on that first application. Look over the qualifications, and ensure that you meet them. Select an amount that will cover the upcoming payroll, and that you can repay within the time frame allowed by Payro.
You will see why working with Payro to manage payroll funding has worked so well for other business owners. From the competitive rate to the easy repayment terms, the entire process will work well for you. After the first successful payroll funding, there will be no doubt about where you will turn the next time some sort of funding is needed to ensure all of your employees are paid on time.
Morris Reichman is the founder and CEO of Payro Finance. Former Vice President at Infinity Capital Funding an alternative finance company, Morris possesses a versatile background in the finance industry. Having spent 7+ years working across global macro operations and start up corporate finance Morris's expertise is in business accounting, risk management and investment analysis. Morris founded Payro Finance to support business owners and ensure their business continuity.